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CWH

Camping World Holdings, Inc.

CWH

Camping World Holdings, Inc. • NYSE
$11.19 ▼ -1.24% (-0.14)
Market Cap $702.95 M
52w High $25.62
52w Low $9.49
Dividend Yield 0.50%
P/E -11.19
Volume 782.89K
Outstanding Shares 62.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.806B ▼ $437.892M ▼ $-40.438M ▼ -2.239% ▼ $-0.64 ▼ $361.78M ▲
Q2-2025 $1.976B ▲ $461.986M ▲ $30.216M ▲ 1.529% ▲ $0.48 ▲ $154.766M ▲
Q1-2025 $1.414B ▲ $408.786M ▲ $-12.28M ▲ -0.869% ▲ $-0.2 ▲ $42.183M ▲
Q4-2024 $1.204B ▼ $392.368M ▼ $-31.602M ▼ -2.624% ▼ $-0.56 ▼ $11.707M ▼
Q3-2024 $1.725B $434.106M $5.501M 0.319% $0.12 $84.597M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $230.513M ▲ $4.999B ▼ $4.516B ▼ $296.216M ▼
Q2-2025 $118.084M ▲ $5.192B ▲ $4.675B ▼ $340.538M ▲
Q1-2025 $20.916M ▼ $5.147B ▲ $4.688B ▲ $310.5M ▼
Q4-2024 $208.422M ▲ $4.863B ▲ $4.378B ▼ $326.562M ▲
Q3-2024 $28.38M $4.645B $4.473B $107.816M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-29.351M ▼ $139.831M ▼ $-45.993M ▼ $18.591M ▲ $112.429M ▲ $54.941M ▼
Q2-2025 $24.682M ▲ $187.884M ▲ $-34.65M ▲ $-56.066M ▼ $97.168M ▲ $161.699M ▲
Q1-2025 $-12.28M ▲ $-232.479M ▼ $-145.428M ▼ $190.401M ▼ $-187.506M ▼ $-255.99M ▼
Q4-2024 $-59.544M ▼ $-163.382M ▼ $-31.079M ▼ $374.503M ▲ $180.042M ▲ $-194.385M ▼
Q3-2024 $8.056M $324.2M $-2.165M $-317.398M $4.637M $304.559M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Good Sam Services and Plans
Good Sam Services and Plans
 $100.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲
RV and Outdoor Retail
RV and Outdoor Retail
 $0 ▲$1.37Bn ▲$1.93Bn ▲$1.76Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Camping World’s sales have held at a high level since the pandemic boom, but growth has stalled and slipped a bit in the last couple of years. Profit margins have narrowed steadily, suggesting more discounting, higher costs, or tougher competition. The company has moved from strong profits a few years ago to barely breaking even and then into a small loss most recently. In simple terms, it still sells a lot, but it earns much less on each dollar of sales than it used to, which is a key risk if RV demand weakens further.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown in size but relies heavily on borrowing. Total assets have climbed over time, reflecting more locations and inventory, but debt also remains high relative to the company’s equity base. Equity has improved recently, which is a positive step, yet it is still thin compared with the amount of debt, pointing to meaningful financial leverage. Cash on hand has recovered from a very low point but remains modest, so the company’s flexibility depends heavily on continued access to credit and on its ability to keep generating cash from operations.

Cash Flow

Cash Flow Camping World has generally been able to generate cash from its day‑to‑day operations, even as accounting profits have weakened. Free cash flow dipped into negative territory during heavier investment years, then turned positive again as the company pulled back on capital spending. Recent years show a pattern of more cautious investment and better free cash flow, which helps support debt service and liquidity. The main watchpoint is that cash generation is not very robust relative to the company’s size and debt load, so a deeper downturn in RV demand or inventory corrections could pressure cash flows quickly.

Competitive Edge

Competitive Edge Camping World holds a leading position in the RV retail market with a nationwide footprint, a well‑known brand, and a broad offering that spans sales, service, parts, and financing. Its Good Sam membership ecosystem adds a strong loyalty and recurring‑revenue component that many smaller dealers cannot match. The focus on used RVs and service work provides some cushion versus pure new‑vehicle sellers, especially when consumers become more price sensitive. However, the business still remains cyclical and sensitive to consumer confidence and interest rates, and its large physical network, while a strength, also brings fixed costs that are harder to flex in a downturn.

Innovation and R&D

Innovation and R&D Innovation at Camping World is more about business model and digital tools than classic R&D. The company is building a connected ecosystem: upgraded e‑commerce, virtual RV tours, data‑driven marketing, and integration with campground reservations all deepen customer engagement beyond the showroom visit. Moves into modular camper conversions, a planned RV rental marketplace, and manufacturer‑exclusive dealerships show a willingness to test new concepts and revenue streams. The key uncertainty is execution: these initiatives could meaningfully strengthen the moat if rolled out well and integrated tightly, or they could add complexity and cost if customer adoption lags.

Summary

Overall, Camping World is a scaled, brand‑name player in a niche but cyclical market that enjoyed a pandemic surge and is now working through a tougher normalization phase. Revenue remains high, but profitability has compressed sharply, and the balance sheet carries significant leverage, making strong and steady cash generation particularly important. Its competitive advantages come from size, network, and the Good Sam ecosystem, while its main vulnerabilities are economic sensitivity, thinner margins, and dependence on debt financing. Future performance will likely hinge on how effectively management balances growth and dealership expansion with margin recovery, cost discipline, and careful use of leverage, especially if RV demand remains choppy.

NEWS

November 26, 2025 · 10:40 AM UTC

CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

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November 19, 2025 · 10:10 AM UTC

CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

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November 13, 2025 · 8:22 PM UTC

CWH Investors Have Opportunity to Join Camping World Holdings, Inc. Fraud Investigation with the Schall Law Firm

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November 12, 2025 · 7:30 AM UTC

Camping World to Attend the 2025 Stephens Annual Investment Conference

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November 11, 2025 · 6:00 PM UTC

CWH Investigation: Investors Encouraged to Contact Kirby McInerney LLP

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